Raguram Rajan Bloomberg/Getty Images

Le gouvernement indien dérape !

PHILADELPHIE – Le gouverneur de la banque centrale de l'Inde (RBI, Reserve Bank of India), Raghuram Rajan, est un économiste unanimement respecté. Aussi sa décision de ne pas chercher un second mandat va-t-elle probablement déstabiliser les marchés financiers qui le considéraient comme un élément de stabilité essentiel à l'économie du pays. Les investisseurs se préoccupent des conséquences de son départ sur la capacité des autorités monétaires à maintenir la stabilité des prix, à stimuler la croissance ou à rebâtir un systéme bancaire dans un contexte plombé par les prêts à risque.

Depuis la présidence d'Alan Greenspan à la tête de la Réserve fédérale américaine, les marchés et les médias tendent à aduler et à personnaliser les institutions telles que les banques centrales. Mais "l'effet Greenspan" pourrait entraver une analyse objective.

Raghuram Rajan s'opposait sur plusieurs points au gouvernement du Premier ministre Narendra Modi. Les tensions ont redoublé quand des responsables gouvernementaux ont estimé que Rajan faisait des déclarations publiques qui dépassent son domaine. Mais les attaques ad hominem contre lui au cours des derniers mois soulèvent des questions d'importance cruciale pour l'Inde.

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